Know These Three Habits about about Money That Are Illegal
It is a fact that every person, when it comes to money, has some bad habits. When it comes to financial management, some would spend money without clear thinking, others would keep money away from view when they should enjoy and spend it, and while others are plain and simply ignorant in managing their finances. These actions or decisions may not be dumb nor can be labelled as a crime, but there could be underlying reasons for these acts. It could be that an individual’s bad habits could be traced to their finances relating to tax avoidance and fraud. This may not be the case for some, but there is a good chance that others are practicing it on a daily basis.
Let us present some habits which may seem harmless but can be unlawful or dumb or even a mix of both.
Not declaring money is the first habit that we will present. For instance, you are moonlighting on the side so that you will receive extra payment that is paid in cash. Then, when you receive your money, you spend it to whatever you like, but when filing of your income tax return comes, you do not mention this extra income. This action may be minor enough to qualify for an investigation, but there could be a possibility that an audit will uncover the truth and will put you in a tight situation. Be aware of the free check stub template printables found online that will ensure you have a receipt for all money you earned, and thus you will not have fear when a tax office personnel will visit your home.
The second bad habit about money is to sign a check in another name. Checks may not be as popular today as in the past but these are still legal tender used by mostly elderly people for their convenience. An example is if your parents would ask you to sign their name, even if you are actually doing them a favour, you are actually forging a document and committing a crime, unless they have a power of attorney for you.
The third bad habit that we can tell you is when you lie on an application. With regards to loan or insurance applications, it seems that everybody knows the so-called tricks of the trade where they perform digital trickery and change some answers when the cost is more than they can afford. It may seem to others that there is nothing wrong with it when they have the car or property on their name, but this application to gain money can theoretically put you in prison or at the very least a fine because you have committed fraud.